Financing documents – the requirements for a car loan

The documents for a car loan are used to certify the economic reliability of the applicant, guaranteeing the bank about its repayment possibilities.

The documents for a car loan are used to certify the economic reliability of the applicant, guaranteeing the bank about its repayment possibilities.

This request for documentation occurs first when a small loan is requested from a credit institution, which will carry out a series of checks on the client’s economic capacity. However, some documents are also necessary when relying on consumer credit promoted by retailers or manufacturers.

Consumer credit is specifically dedicated to the purchase of a vehicle: it is a solution that is often offered by dealers, perhaps in agreement with a local bank, or by the larger manufacturers, who use their financial section. The customer deals directly with the retailer or with the manufacturer’s employee and with him establishes the characteristics of the car loan , perhaps responding to some zero-rate promotional car financing offer.

However, even in this case it is necessary to comply with certain requirements for financing , starting from the personal data: it is difficult to obtain a loan beyond the age of 75. Furthermore, it is necessary to consider the traditional requests of a lender concerning the income status of the applicant. Usually, the preferable condition is to be able to guarantee a stable income and good creditworthiness, without having behind cases of non-repayment of a loan.

For this reason, when asked what is needed for a loan , it is necessary to reflect on the necessary documents. Thinking about buying a car from a retailer, the dealer will ask you for some documents before concluding the agreement: identity card or driving license, social security number or health card, a document certifying your income (pay slip for employees , for pensioners, tax return for the self-employed), single model, any domestic users (telephone, electricity, gas) and number to charge the repayment installments. 

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